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2018 (4) TMI 870 - AT - Income TaxUnexplained investment - seized documents on the basis of which the addition was made by the lower authorities - Held that:- AO is required to read the contents of the seized document as a whole. The AO cannot use part of the content of the seized document against the assessee and ignoring the other part of the contents without adducing any reason - We hold that the seized document should be read and applied in totality. As there was no mention of any cash payment to Shri Pawan Kumar Sharma and Smt. Meena Sharma in seized documents, accordingly, we hold that the AO has made the addition on his presumption and conjecture. As we have decided the issue in favor of assessee on technical count, we are not inclined to adjudicate other arguments of Ld. AR raised during the course of hearing. Thus, the appeal filed by the assessee is allowed. Penalty u/s 271(1)(c) - Held that:- The penalty was initiated on the charge of concealment of income but in the penalty order it was levied on Port the charges that this concealment of income as well as furnishing inaccurate particulars of income. Thus in the instant case the penalty has not been levied on the specific charge as to whether it is for concealing particulars of income or furnishing inaccurate particulars of income. In these circumstances, we are of the view that imposition of penalty cannot be sustained. The plea of the ld. Counsel for the assessee which is based on the decisions referred to in the earlier part of this order has to be accepted. We therefore hold that imposition of penalty in the present case cannot be sustained and the same is directed to be cancelled - Decided in favour of assessee
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